The Dodd bill

Not ambitious, but a competent piece of work.

The draft is up.

An oversight board, a clawback provision to keep the selling firms from cheating the Treasury, some sort of mortgage relief, frequent reports, reviewability against a standard of arbitrary, capricious abuse of discretion, or violation of law. Authority to renegotiate mortgages held by the Treasury; no provision to let bankruptcy judges do it. No limit on executive compensation.

But the main thing to say about the draft is that, unlike the Treasury proposal, it’s an actual law, designed to fit under a Constitutional government, not a blank check.

Competence: it’s a wonderful thing.

Author: Mark Kleiman

Professor of Public Policy at the NYU Marron Institute for Urban Management and editor of the Journal of Drug Policy Analysis. Teaches about the methods of policy analysis about drug abuse control and crime control policy, working out the implications of two principles: that swift and certain sanctions don't have to be severe to be effective, and that well-designed threats usually don't have to be carried out. Books: Drugs and Drug Policy: What Everyone Needs to Know (with Jonathan Caulkins and Angela Hawken) When Brute Force Fails: How to Have Less Crime and Less Punishment (Princeton, 2009; named one of the "books of the year" by The Economist Against Excess: Drug Policy for Results (Basic, 1993) Marijuana: Costs of Abuse, Costs of Control (Greenwood, 1989) UCLA Homepage Curriculum Vitae Contact: Markarkleiman-at-gmail.com